Business

Buy Weed from Women, But Do Your Due Diligence Too So You Don’t Get Scammed – SHE Beverages Was a Complete Fraud

February 26, 2024 · Cannabis.net

After a couple of years, the Securities and Exchange Commission has wrapped up its case against the SHE Beverage company. In 2021, they slapped charges on the bigwigs Sonja F. Shelby, Lupe L. Rose, and Katherine E. Dirden, accusing them of duping investors during the 2017-2019 period. Now, the final judgments are in. SHE Beverages As ace cannabis reporter, Deb Borchardt of Green Market Report first posted, SHE Beverages was a scam from the very beginning of their public fund raising efforts.… Read more.

Oregon Cannabis Businesses Call for Permanent License Caps

January 27, 2024 · Ganjapreneur

The Cannabis Industry Alliance of Oregon (CIAO) is calling for lawmakers to make permanent a restriction on the licensing of new cannabis companies that is set to expire in April, according to a KLCC report. Before the statewide licensing moratorium was enacted in 2018, officials had issued over 3,000 licenses for the production, manufacturing, and retail of adult-use cannabis products, the report said. “There are so many businesses competing for the same amount of market share that it’s just not feasible,” said Mike Getlin,… Read more.

Green Rush Leaves ‘Ghost Town’ of Grow Facilities in Ordway, Colorado

January 23, 2024 · High Times

Is a town in Colorado the first to become a cannabis ghost town? Westword’s Thomas Mitchell reported that the green rush of cannabis business licenses in Colorado left the town of Ordway a “ghost town,” filled with vacant growing operations. Hasn’t this happened before? Out of the hope of profitable veins of gold sprung boomtowns during the California Gold Rush, a mid-19th century rush of people seeking a fortune from gold. Bodie, California, for instance, soared to over 8,000 people looking for gold… Read more.

Colorado Cannabis Sales Hit a New Low Not Seen Since February of 2017 – The Cannibalization of the Cannabis Consumer

January 22, 2024 · Cannabis.net

Colorado's medicinal marijuana industry continued to deteriorate in November 2023, with sales amounting to just $14.5 million, an 11.5% fall from the same month the previous year. This November was the state's cannabis industry's fourth straight month of declining sales, indicating a concerning trend. Colorado will likely witness significant declines in marijuana sales for the second year in a row. The "beggar they neighbor" policy of out-of-state consumers crossing over state lines to get their medical or recreational marijuana seems to be dying.… Read more.

HR Trends and Talent Insights for the Year Ahead

January 16, 2024 · MG Magazine

The human resources trends set to dominate 2024 are certain to disrupt the industry, mostly for the better. This year will be prosperous as multistate brands continue to expand into other states, but there will be challenges. One major inflection point will relate to rescheduling, with cannabis likely to shift from Schedule I to Schedule III. On the competition front, the biggest curveball will be the hemp-derived THC market, which offers a massive loophole for selling products outside dispensaries and without interstate… Read more.

Illinois Marijuana Retailers Sold $2 Billion Worth Of Legal Products In 2023, Including A New Monthly Record In December

January 11, 2024 · Marijuana Moment

Illinois marijuana retailers set new monthly sales records to close out 2023, selling $181.8 million worth of cannabis products during December, including a record $153.9 million in adult-use purchases. Sales of medical marijuana in December were at their highest since April, at $27.9 million. All told, legal cannabis sales for 2023 set a new annual record, reaching just under $2 billion, including more than $1.6 billion from the state’s adult-use market, which launched four years ago. Recreational marijuana sales generated… Read more.

Colorado enacts new laws and regulations for marijuana industry

January 8, 2024 · MJ Biz Daily

A slew of new cannabis laws and regulations went into effect Monday in Colorado, addressing issues such as online retail sales, intoxicating hemp products, lab testing and hospitality. Among the new laws and rules highlighted by the Colorado Marijuana Enforcement Division (MED) in an announcement last week: HB 23-1279: Lifts restrictions of online cannabis product orders and payments at retail stores. SB 23-271: Authorizes regulators to develop rules and potential restrictions regarding chemical modifications, conversions or synthetic derivatives of cannabinoids. The law… Read more.

After Adult Use Market Launch, Maryland Cannabis Sales Near $700M in 2023

January 8, 2024 · Ganjapreneur

After launching its adult-use market last year, Maryland cannabis retailers and dispensaries together have sold nearly $700M in products, according to a report from CBS Baltimore. According to the report, medical cannabis, which was already a thriving sector, saw an increase of over $200 million in just about five months. On the other hand, adult use sales rose to $270 million since stores opened. In a statement to CBS, President of SunMed Growers Jake Van Wingerden highlighted the dramatic impact that adult… Read more.

Almost Half Of Missouri’s Marijuana Social Equity Business License Applicants Live Outside The State

January 8, 2024 · Marijuana Moment

More than 40 percent of the owners listed on applications for state’s social-equity marijuana licenses issued in October were from outside Missouri, according to an annual report released by the Division of Cannabis Regulation Wednesday. About half of those owners came from California, Michigan, Louisiana and Arizona, collectively. The microbusiness license program is meant to boost opportunities in the industry for businesses in disadvantaged communities, and it was part of the constitutional amendment to legalize recreational marijuana that voters passed in November 2022. A total… Read more.

Almost Half Of Missouri’s Marijuana Social Equity Business License Applicants Live Outside The State

January 7, 2024 · Marijuana Moment

More than 40 percent of the owners listed on applications for state’s social-equity marijuana licenses issued in October were from outside Missouri, according to an annual report released by the Division of Cannabis Regulation Wednesday. About half of those owners came from California, Michigan, Louisiana and Arizona, collectively. The microbusiness license program is meant to boost opportunities in the industry for businesses in disadvantaged communities, and it was part of the constitutional amendment to legalize recreational marijuana that voters passed in November 2022. A total… Read more.

Cannabis operators say they have little to show for track-and-trace investments

January 3, 2024 · MJ Biz Daily

With 23 state contracts to provide cannabis track-and-trace software and radio frequency identification (RFID) tags under its belt, Lakeland, Florida-based Metrc has risen to dominate the space. But more than a decade ago, the company was just an idea, according to Metrc CEO Michael Johnson. “The original use for RFID in cannabis – and the whole reason Metrc came about – was a specific request from the state of Colorado,” Johnson said in an interview with MJBizMagazine. The company started as… Read more.

Hemp-Based Battery Maker Aims to Hire Laid Off Energizer Employees

December 29, 2023 · High Times

A hemp-based battery manufacturing company is coming to a town in Wisconsin with a goal to hire former employees of Energizer. Portage, Wisconsin-based Wisconsin Battery Co. (WinBat) makes batteries out of hemp instead of graphene, for use in devices like hearing aids. Earlier this month, WinBat announced that it has acquired 17 acres of land in the Portage Industrial Park to develop its battery plant. According to a Dec. 21 press release, development will focus on: Industrial batteries: Creating energy storage… Read more.

Arizona Awards ‘Justice Reinvestment’ Grants To 18 Community Nonprofits, Paid For With Marijuana Revenue

December 27, 2023 · marijuanamoment.net

Arizona has awarded the first round of Justice Reinvestment Grants to 18 community nonprofits, state officials announced last week. The program, created by the state’s 2020 marijuana law, is funded by revenue from taxes on legal cannabis sales. The grants program supports a variety goals of including public and behavioral health, such as substance use prevention and treatment; workforce development and mentorship programs in economically disadvantaged areas; “addressing the underlying causes of crime” and reducing the state prison population; and developing… Read more.

California AG Rules Out Interstate Cannabis Commerce

December 21, 2023 · Ganjapreneur

California Attorney General Rob Bonta said on Tuesday that opening up interstate cannabis commerce for the state’s cannabis industry would carry too much risk of federal enforcement. Gov. Gavin Newsome (D) last year signed into law a proposal giving licensed cannabis companies the right to export their products into other state-legal markets. However, the law would only apply if there was some assurance that there would be no legal interference from the federal government, which still prohibits cannabis as a… Read more.

How Many People Does It Take to Deliver an Order of Cannabis? A.4 B.2 C.1?

December 19, 2023 · Cannabis.net

In a decisive 3-1 vote, Massachusetts regulators have given the green light to cannabis transport businesses to streamline their delivery operations by reducing the mandatory two-person team to a single cannbais delivery driver. This potential cost-cutting measure is poised to benefit operators in the industry. The Massachusetts Cannabis Control Commission (CCC) reached a consensus on Thursday to revise the state's marijuana delivery regulations, relaxing the existing requirement for a two-person delivery team. It's important to note that this rule adjustment is pending… Read more.

Another major marijuana brand exits Colorado market

December 19, 2023 · MJ Biz Daily

Coda Signature, an early entrant in Colorado’s regulated marijuana market, is the latest brand to cut business operations in the state. The homegrown, award-winning cannabis edibles maker will concentrate efforts in other markets after facing escalating challenges in Colorado since the COVID-19 pandemic, according to Denver alt-weekly Westword. “Colorado’s cannabis market declines in recent years combined with the significant oversupply has caused the company to make the difficult decision to close operations in Colorado,” Coda Signature told Westword in a… Read more.

What are the Best States for Starting a Cannabis Business in 2024? – Marijuana Legal Experts Weigh In!

December 18, 2023 · Cannabis.net

Have you ever pondered the landscape of cannabis regulations across the United States? Amid a shifting legal terrain where nearly half of the states have embraced recreational cannabis and 38 have legalized medical marijuana, the complexities abound. Despite federal law maintaining cannabis as an illegal substance, each state charts its course with unique rules and regulations. Deciding on the optimal cannabis state involves considering various factors, such as whether the state permits medical, recreational, or both cannabis programs, the presence of… Read more.

Over 10 Cannabis Companies Closing Per Month in Massachusetts? – Low Wholesale Prices Wreak Havoc on Profitability

December 16, 2023 · Cannabis.net

While Schedule 3 banter has the marijuana industry in a "postiive spin mode", the facts of the industry present day are gruesome and harsh. Selling Cannabis Licenses for Pennies on the Dollar was a story Cannabis.net did on the bleak state of the Oregon cannabis industry after the Fall harvest was so large it is putting growers and culitvators out of business.  The race to the bottom on pricing and lack of access to credit or created cash-flow is killing many cannabis… Read more.

New York regulators issue first cannabis product recall

December 13, 2023 · MJ Biz Daily

New York issued what is believed to be its first cannabis product recall after the discovery that a single lot of gummies “did not undergo the required testing for consumer safety and product quality.” The product, “Jenny’s Zee Zee gummies, 2:1 THC/CBN,” were “sold through licensed cannabis dispensaries throughout New York State” between Sept. 4 and Nov. 1, the Office of Cannabis Management (OCM) said Tuesday in announcing the recall. The batch and lot number for the offending gummies is ZZ-23–07-13-0001, the… Read more.

Cannabis MSOs get OK to enter New York adult-use market Dec. 29

December 9, 2023 · MJ Biz Daily

Cannabis multistate operators with medical marijuana licenses in New York received the green light from state regulators Friday to enter the adult-use market on Dec. 29, exactly one year after the state launched recreational sales. The Cannabis Control Board’s approval had been anticipated for months, but the decision marks a controversial milestone in the rollout of the state’s recreational marijuana market. It follows the New York State Supreme Court’s Dec. 1 decision to lift an injunction that had prevented regulators from handing out… Read more.

Selling Cannabis Licenses for Pennies on the Dollar – Oregon’s Outdoor Harvest Was So Massive It Crushed Prices

December 8, 2023 · Cannabis.net

Once again, Oregon's cannabis producers have faced an oversupply issue, as revealed in a recent report. This perpetuates the ongoing challenge of excess marijuana within the state's regulated cannabis industry. Throughout much of the current year, analyses of Oregon's cannabis production indicated a downward trajectory compared to the previous year, resulting in a slight uptick in prices. However, a November 20 report by state economists Mark McMullen and Josh Lehner unveils that the fall harvest of outdoor cannabis this year surpassed… Read more.

Trade Group Offers Guidance To Marijuana Businesses On How To Find Banking Services Amid Federal Prohibition

December 6, 2023 · marijuanamoment.net

With the congressional effort to remove federal restrictions on marijuana banking still ongoing, a coalition of financial institutions has released new guidance for cannabis businesses trying to secure banking services. While compliance can be onerous compared to banking for most businesses, the report published on Monday by the Cannabis Industry Financial Group (CFIG) says it’s nevertheless possible for the marijuana industry to obtain above-board, reliable financial services without waiting for passage of the Secure and Fair Enforcement Regulation (SAFER) Banking Act.… Read more.

Crossing State Lines to Buy Much Cheaper Weed? You Bet, 90% of Virginia MMJ Patients Get Their Cannabis from Other Sources

December 5, 2023 · cannabis-net

It’s not uncommon for residents of states yet to enact cannabis laws to travel and obtain their weed through out-of-state dispensaries. However, one Southern state appears to be experiencing this issue when it comes to medical cannabis, even though it’s had legal, operational medical dispensaries since 2020. A new 78-page report released by the Virginia Cannabis Control Authority (CCA) takes a closer look at the state’s medical cannabis market, most notably finding that the state’s high prices are driving consumers to border… Read more.

Women of Influence: Dr. Sue Sisley

December 4, 2023 · cannabis-now

Arizona-based physician and president of the Scottsdale Research Institute, Dr. Sue Sisley, is globally known for having led the only Food and Drug Administration-approved randomized and controlled study examining safety and efficacy of smoked cannabis flower in combat veterans suffering from severe post-traumatic stress disorder (PTSD)—a huge accomplishment. Dr. Sisley continues to advocate for the lifting of federal restrictions on cannabis research through her work as principal investigator at Scottsdale Research Institute and Field To Healed Foundation and as a… Read more.

New Jersey Marijuana ‘Seed Equity’ Grants Program Launches Application Portal For $8 Million In Aid To Entrepreneurs

December 1, 2023 · marijuanamoment-net

New Jersey has opened applications for the second phase of a marijuana social equity funding program, which will make $150,000 grants to awardees and offer eight weeks of technical assistance. The New Jersey Economic Development Authority (NJEDA) says the round of so-called Seed Equity grants will allocate “up to $8 million in funding for 48 entrepreneurs” who meet social equity qualifications and hold conditional marijuana licenses. Applicants must also employ 50 or fewer employees. Money can be used to cover… Read more.

Weedmaps Data Finds ‘Green Wednesday’ Cannabis Sales Outpace Black Friday Sales

November 30, 2023 · ganjapreneur

Cannabis sales on the day before Thanksgiving surpassed sales on Black Friday, accounting for 21% of the weekly gross market value over the holiday week, according to order data from Weedmaps. The day before Thanksgiving has been dubbed “Green Wednesday” due to historically strong cannabis sales.  Weedmaps saw 42% growth in total order volume on Green Wednesday and the average basket value that day was 103% higher than the average Wednesday during the month of November; however, the day’s gross market value was… Read more.

Arizona, Maryland, California, Massachusetts – Why Big Cannabis MSOs Are Closing Up Shop ASAP in Major States!

November 28, 2023 · Cannabis.net

In the midst of years marked by rapid expansion and recent swift exits, some of the nation's leading cannabis multistate operators (MSOs) have continued to streamline their operations this year, as revealed in the latest update on the activities of several major MSOs in the country. Over the past five months, two of the largest MSOs in the country, Trulieve Cannabis based in Florida and Cresco Labs based in Chicago, have withdrawn from state-legal cannabis markets. This strategic move reflects their ongoing… Read more.

New York Marijuana Regulators Approve Settlement Agreements To End Months-Long Business Licensing Blockade

November 28, 2023 · marijuanamoment.net

New York marijuana regulators have approved settlement agreements that could soon allow hundreds of cannabis businesses that have been blocked from opening amid litigation to finally begin operations. At a meeting of the Cannabis Control Board (CCB) on Monday, members accepted the terms of settlement for two lawsuits, though they declined to disclose details. The agreements must still be formally accepted by the state Supreme Court before the injunction is lifted. One of the lawsuits that would be resolved under the settlement—Carmine… Read more.

Women of Influence: Rosie Mattio

November 27, 2023 · Cannabis Now

As founder of MATTIO Communications, the largest cannabis-focused marketing and public relations agency in North America, Rosie Mattio is considered a powerhouse PR person.  Since launching the firm as a one-woman operation in 2004, Mattio has redefined conversations around the emerging industry by garnering global media coverage in mainstream publications for clients, including the first cannabis article ever published in Oprah Magazine.   Mattio has worked in the cannabis space since launching her company nearly two decades ago and says time… Read more.

St. Louis Will Lose A Half-Million Dollars In Marijuana Tax Revenue After Failing To Submit Documents To Missouri Officials

November 26, 2023 · marijuanamoment.net

The city of St. Louis will lose approximately $500,000 in tax revenue after it failed to submit documents with the Missouri Department of Revenue to collect a voter-approved recreational marijuana tax. City voters approved a 3 percent tax on recreational marijuana in April. State law would have allowed the city to begin collecting the tax on October 1 if paperwork was filed by June 30. Bill 139 was passed unanimously by the St. Louis Board of Aldermen last December to ask… Read more.

Cannabis multistate operators exit more states in latter half of 2023

November 21, 2023 · MJ Biz Daily

After years of rapid expansion – and, more recently, swift exits – some of the nation’s largest cannabis multistate operators have continued to streamline operations this year, according to MJBizDaily’s latest update on the operations of several of the nation’s largest MSOs. Two of the country’s biggest MSOs, Florida-based Trulieve Cannabis and Chicago-based Cresco Labs, exited state legal cannabis markets in the past five months, reflecting ongoing efforts to strengthen balance sheets as the industry awaits widely anticipated federal reform and improved investor… Read more.

California Regulators Embargo Cannabis Products From 3 Companies

November 21, 2023 · Ganjapreneur

California cannabis regulators on November 9 issued an embargo on products from three companies, claiming the products may have been “adulterated,” SF Gate reports. The letter to the firms, outlined by SF Gate, says the products may contain “poisonous or deleterious” substances but the Department of Cannabis Control (DCC) declined to provide further information.  In an email to SF Gate, David Hafner, a spokesperson for the DCC said the agency “is currently investigating the facts and circumstances related to these products to… Read more.

Women of Influence: Vanessa Dora Lavorato

November 20, 2023 · Cannabis Now

You may recognize Vanessa Dora Lavorato from VICE TV’s James Beard Award-nominated cooking show Bong Appétit, which she co-hosted for all three seasons (2016-19). Lavorato discovered her love of cooking when she was studying at UC Berkeley and soon became passionate about fusing her two favorite ingredients: cannabis and chocolate. This deliciously dope combo eventually led her to create Marigold Sweets, a California-based edibles company whipping up luxurious, high-quality chocolate truffles.  Lavorato’s popular online show, The Edibles Club, sees the talented chocolatier… Read more.

True or False, Moving Cannabis to a Schedule 3 Drug Means Sending Weed Through the Mail, UPS, or Fed Ex Is Now Legal?

November 18, 2023 · Cannabis.net

Certain cannabis industry leaders are optimistic that the federal government's reclassification of marijuana from Schedule 1 to Schedule 3 of the Controlled Substances Act will clear the way for the interstate movement of cannabis goods. Legal experts in the marijuana industry, however, contend that this optimism is only partially justified. Schedule 3 and Schedules 4 and 5 currently allow interstate commerce exclusively for drugs sanctioned by the U.S. Food and Drug Administration (FDA). Examples include anabolic steroids, ketamine, testosterone, Tylenol with codeine, as… Read more.

The Google Maps Effect Hits the Cannabis Industry – Weedmaps and Leafly Becoming Obsolete for Cannabis Consumers?

November 18, 2023 · Cannabis.net

They say when Google enters your industry it is time to sell and move on, but has that time finally come for internet website giants like Weedmaps and Leafly?  With Google Maps now listing dispensaries and reviews, and lowering both Weedmaps and Leafly's organic search traffic, the end may be near for these historic giants in the cannabis industry. The landscape of online cannabis advertising witnessed notable challenges in the third quarter of 2023 as industry leaders Weedmaps and Leafly grappled with financial… Read more.

California cannabis brand Dosist acquired by partner Final Bell

November 16, 2023 · MJ Biz Daily

California cannabis brand Dosist has been acquired by longtime Los Angeles partner Final Bell Holdings International. Under the agreement, Final Bell acquired the intellectual property of the brand and assumed its debt, company executives told MJBizDaily in advance of an official announcement. No cash was exchanged in the deal. “With Final Bell’s acquisition, Dosist will grow and become more accessible for those wanting a companion to a healthy and active way of life,” said Dosist founder Jason DeLand, who will oversee the integration. Santa… Read more.

Cannabis Executive Salaries Are Soaring into 2024

November 16, 2023 · MG Magazine

Chief executive officers at the largest cannabis companies by revenue have moved past the $400,000 base salary threshold with annual salaries topping $416,000—almost ten times what mid-level managers in the industry make, according to a new report from executive search and staffing agency ForceBrands. According to the firm’s 2024 salary and benefits report for consumer cannabis brands, recruiters are seeing increased interest in securing “hyper-relevant candidates” from outside the industry who can honor core cannabis culture while applying best practices honed in more traditional and mature… Read more.

One-third of Canada’s cannabis greenhouse capacity taken offline

November 9, 2023 · MJ Biz Daily

One after another, many of Canada’s largest cannabis greenhouses and indoor grow operations have been sold or mothballed as the industry continues to search for a supply-demand equilibrium after years of overproduction. The facilities, each costing anywhere from 100 million Canadian dollars ($73 million) to more than CA$500 million, are being closed for various reasons. Some of the operations crashed into the cannabis industry’s hard macroeconomic realities: Canadian cultivators bankrolled and licensed too much cultivation capacity before and after adult-use legalization in 2018,… Read more.

Village Farms Leans on Brand Diversification to Navigate Cannabis Glut

November 9, 2023 · Green Market Report

Village Farms International (Nasdaq: VFF), an agriculture veteran turned cannabis grower, is weathering a competitive cannabis market by betting on brand variety and operational efficiency, executives said during the company’s third-quarter earnings call. The British Columbia-based company, traditionally known for its produce, has shifted much of its growth narrative toward expanding Canadian cannabis segment. The introduction of the Fraser Valley brand to Ontario has driven positive results, grabbing decent market share by targeting cost-conscious consumers during a period of industry-wide price compressions. CEO Michael DeGiglio cited the… Read more.

Supply and Demand Curves Starting to Become Efficient in California as Thousands of Cannabis Growers Call It Quits

November 8, 2023 · Cannabis.net

The struggles that California's cannabis companies have been grappling with have been no secret. Still, it wasn't until this year that a noticeable decline in the legal marijuana market started to unfold. According to permit statistics from the California Department of Cannabis Control, the market has shrunk by approximately 29%. As of October 24, the state had only 9,900 active business licenses, marking a 28.5% decrease since July 2022, when there were 12,719 active provisional and annual cannabis business licenses,… Read more.

Big investors keener on cannabis MSOs as rescheduling looms, survey shows

November 8, 2023 · MJ Biz Daily

Institutional investors are increasingly bullish on U.S. cannabis multistate operators, according to a new survey, which suggests marijuana rescheduling by the federal government could convince those big investors to put new money into MSOs. The group’s sentiment is “more bullish than it was six months ago, mostly because of (the prospect of) rescheduling,” said Frederico Gomes, a cannabis equity analyst with Calgary, Alberta-based ATB Capital Markets and lead author of the report, which surveyed 23 institutional investors between Oct. 23 and… Read more.

Women of Influence: Loriel Alegrete

November 8, 2023 · Cannabis Now

40 Tons, a social impact cannabis brand striving to change lives by helping those with past cannabis convictions find careers in the industry, is led by CEO Loriel Alegrete. While that’s the primary goal, she says the company collaborates with other brands, retails premium products and provides education and opportunities for those who need it most. The company sees the objective as a win-win since it also brings value to businesses in need of candidates.  Alegrete co-founded the businesses and… Read more.

Colorado Market Rebounding Somewhat, but Contraction Isn’t Over

November 6, 2023 · Green Market Report

A longtime Colorado cannabis distributor and deal broker who works with dozens of farms and brands said he expects the cultivation sector in the state to continue shrinking more than it already has this year, but the wholesale market has already seen a bit of a rebound due to the contraction. “A few years ago, we had 1.4 million plants in the ground. Last I looked, it was around 900,000,” said Aaron Shaw, a longtime Colorado marijuana industry insider who runs a… Read more.

Missouri regulators lift recall on nearly 15,000 marijuana products

November 2, 2023 · MJ Biz Daily

Missouri regulators have notified cannabis operators that thousands of marijuana products under recall since August have been released for sale. The roller-coaster situation was first detailed by MJBizDaily. The Department of Health and Senior Services’ Division of Cannabis Regulation (DCR) have released nearly 15,000 products that were under recall, according to an Oct. 20 notice. That’s about a quarter of the 62,000 cannabis products that have been under recall. The infused products contained distillate manufactured and sold by Missouri-based Delta Extraction and its affiliates. The… Read more.

Most Michigan Cannabis Owners Have No Intention to Sell Their Businesses

October 30, 2023 · Green Market Report

Despite the challenges in the Michigan market, cannabis operators are preparing to expand. The 2023 Michigan Cannabis CFO Outlook found that a quarter of cannabis companies in the state were actively seeking capital for expansion at this time, while nearly half said they plan to look for capital within the next 12 months. The data, analyzed by A&K Research for use by Rehman Business Consulting, represented cannabis companies with revenue ranging from $5 million to more than $100 million. Nearly half – 47%… Read more.

Capital Markets Are Down but Not Quite Dead

October 26, 2023 · MG Magazine

A potent concoction of slowing capital markets and inactivity in Washington D.C. bears the majority of blame for the industry’s lackluster fundraising performance in 2023, but poor growth and contracting margins are what’s really been keeping investors away. According to the cannabis deal tracker provided by Viridian Capital Advisors, worldwide cannabis capital raises are expected to hit a multi-year low by the end of December. The $1.72 billion closed through the first 41 weeks of the year is 50 percent short of… Read more.

Ranks of women, minority cannabis execs rebound to pre-pandemic levels

October 25, 2023 · MJ Biz Daily

The percentage of women and members of minority groups holding executive positions in the cannabis industry has returned to pre-pandemic levels after a significant drop during the past three years, according to a new report from MJBizDaily. In 2019, MJBizDaily estimated that more than 36% of marijuana executives were women and 28% were from minority communities. Whether by choice or not, people from both groups exited cannabis leadership positions in 2020 after the COVID-19 pandemic upended the world economy. By 2021, women were estimated… Read more.

Midwest Women in Cannabis to Shine at Upcoming Summit

October 25, 2023 · Green Market Report

In the heart of the Windy City, an event of innovation and empowerment is about to unfold. The Midwest Women in Cannabis Summit, hosted by the Green Market Report, promises to be a transformative gathering for women seeking to make their mark in the booming cannabis industry. The conference is set to take place on Nov. 2 at Chicago’s Epiphany Center for the Arts, a historic former church, as like-minded women who share a passion for the world of cannabis come together. From… Read more.

Oregon Cannabis Industry Groups Merge Amid Market Downturn

October 25, 2023 · High Times

Two cannabis industry groups in Oregon have decided to join forces in a merger that comes amid a downturn in the state’s market for legal marijuana. The two groups, the Oregon Cannabis Association and the Cannabis Industry Alliance of Oregon, announced the merger last week following unanimous votes by the boards of directors of each organization. The newly merged group is named the Cannabis Industry Alliance of Oregon and represents more than 500 member businesses in the state’s licensed cannabis… Read more.

Multistate operator’s cannabis delivery partnership convinces executives to expand

October 25, 2023 · MJ Biz Daily

When Massachusetts-based multistate operator MariMed decided to launch a delivery service in its home state two years ago, company executives started studying other cannabis carrier services to become experts on the subject. They considered launching a distribution service from scratch and also looked at acquiring a delivery company in Massachusetts before deciding to invest in Little Dog Delivery. The state had granted a social equity delivery license to Sebastian Pollack, a senior production manufacturing administrator at MariMed, and the two… Read more.

Missouri marijuana operators face fresh turmoil amid recall confusion

October 23, 2023 · MJ Biz Daily

Missouri marijuana executives are hoping to return to some sense of normalcy after the state’s $1 billion-plus cannabis market underwent whiplash last week over the status of 62,000 infused products recalled from store shelves back in August. The back-and-forth began early last week when cannabis operators thought they had turned a corner in a saga that has cost them millions of dollars in lost sales and inventory. The initial sense of relief came as state regulators began clearing for sale… Read more.

Rhode Island Cannabis Commission Chair Downplays Errors In State’s Monthly Marijuana Sales Data

October 23, 2023 · marijuanamoment.net

Rhode Island’s top marijuana regulator was quizzed about a range of cannabis-related topics during a local TV news interview last week, including preparations to issue new retail licenses, the availability of hemp-derived cannabinoids and an error in state-reported sales data that was identified by Marijuana Moment. Cannabis Control Commission Chair Kimberly Ahern appeared on WPRI-TV’s “Newsmakers” on Friday, emphasizing that regulators are working to take a measured approach to stewarding the state’s adult-use market, which opened for sales through existing medical… Read more.

Utah Startup Applies to Sell Cannabis DUI Insurance in Oregon

October 18, 2023 · Ganjapreneur

Utah-based startup reepher has applied to sell insurance in Oregon which would cover the cost of defending a cannabis DUI, Axios reports. The cheapest reepher product offered costs $15 monthly and offers $15,000 in potential coverage, including up to $8,000 in attorney fees and $1,500 to recover a towed vehicle.   The company launched in late 2021 and currently operates in Arkansas, Georgia, Missouri, New Hampshire, and South Carolina, according to the reepher website.  CEO Justin Kahn told Axios that, to date, the company has… Read more.

Guess Which Liberal, Free-Wheeling State Is the First to Allow Pharmacies to Sell Cannabis Oil? – Georgia!

October 17, 2023 · Cannabis.net

Do you remember Dale Jackson, the Georgia father who invited police to follow him as he crossed state lines and got cannabis oil for his autistic son, Colin?  All his hard work has paid off as Georgia familes with sick kids will now get a chance at the same cannabis oil that has helped his son so much. The Georgia Board of Pharmacy has initiated the process of receiving applications from licensed, independent pharmacies seeking approval to distribute authorized medical marijuana products.… Read more.

What the end of 280E might mean for cannabis business taxes

October 17, 2023 · MJ Biz Daily

As the U.S. Drug Enforcement Administration weighs whether to revise marijuana to a Schedule 3 controlled substance, regulated cannabis producers are looking forward to the prospect of easing their heavy tax burdens under Section 280E of the federal tax code. Moving marijuana to Schedule 3 from Schedule 1 would end 280E’s effect on the cannabis industry, allowing state-regulated companies to “deduct, for federal income tax purposes, all their ordinary and necessary business expenses, the same as any other company would do,” said… Read more.

Cannabis is Big Business for Michigan Law Firms

October 16, 2023 · Green Market Report

Myles Baker is only six years out of law school. In a couple of months, it’s likely the associate attorney for Detroit firm Dickinson Wright PLLC will make partner — an often-elusive reward for a young lawyer. Baker is only 31 years old. He has marijuana to thank. Most associates aren’t even eligible for partnership, which means higher compensation and revenue sharing in law firms until they are eight to 10 years into their careers. But the legalization of cannabis… Read more.

Rhode Island Sees Record Adult-Use Marijuana Sales As Medical Purchases Fall To Lowest Since Recreational Market Launched

October 14, 2023 · marijuanamoment.net

Rhode Island’s licensed marijuana retailers sold more adult-use cannabis than ever in September, according to newly released state numbers. Overall sales, however, fell just a hair short of a $9.67 million monthly record in August due to a drop in medical cannabis purchases. September sales of recreational cannabis products totaled $7,116,727.00, according to the latest numbers from the Rhode Island Department of Business Regulation. That’s the greatest amount since legal sales to adults launched in December 2022. Medical marijuana receipts… Read more.

Trulieve Challenges $143 Million in Taxes

October 14, 2023 · Green Market Report

U.S. giant Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) is seeking a $143 million tax refund from the government for payments made in 2019, 2020, and 2021. The company argues that based on specific legal interpretations related to section 280E, it shouldn’t have been required to pay certain taxes. “Trulieve has filed amended federal returns for three prior tax years claiming a $143 million refund for taxes already paid that the company believes it does not owe,” a company spokesperson told Green Market Report in an… Read more.

$5,700,000,000 in Just 18 Months – States Hit the Jackpot Collecting Marijuana Tax Revenue

October 13, 2023 · Cannabis.net

The U.S. Census Bureau recently unveiled its inaugural report on state-level marijuana tax revenue data, marking a significant milestone in its approach to the cannabis industry. This report follows a comprehensive survey of all state agencies from July 2021. The data, spanning 18 months until the close of 2022, reveals that states generated over $5.7 billion from licensed cannabis sales. This report launch signifies a notable shift within specific federal government segments, recognizing the cannabis industry as a legitimate economic sector. The Census Bureau's… Read more.

Cannabis Companies Could Be Sitting on Billions of Dollars in Tax Refund Credits from the IRS if 280E Gets Eliminated

October 11, 2023 · Cannabis.net

Did the cannabis company thread the needle on paying federal taxes to the US government?  As Cannabis.net wrote up in their summary of the Benzinga Cannabis Conference in Miami, many cannnabis companies weren't paying their federal taxes, hence propping up their reported profits.  Why weren't they paying their taxes?  Two fold, one being they didn't have the money, and two, they were hoping that with federa legalization and the removal of the 280E code, they could go to court and argue they should have… Read more.

Michigan Governor To Review Cannabis Regulatory Agency, Tribal Business Bills

October 10, 2023 · High Times

Two cannabis bills were recently sent to the desk of Gov. Gretchen Whitmer, and if passed, would work in tandem to allow the Cannabis Regulatory Agency (CRA) to do business with local Native American cannabis businesses, and vice versa. Currently, state licensed cannabis and tribal cannabis businesses must operate separately from one another and cannot trade or do business with one another. Senate Bill 179 and Senate Bill 180 would permit these two distinct parts of the industry to interact.… Read more.

Sacramento City Council Meeting ‘Delves Into Chaos’ After Closing 11-Acre Pot Farm

October 10, 2023 · High Times

A large cannabis operation with 22 buildings spanning over 11 acres must temporarily cease operations as hundreds of employees are fighting for their jobs, culminating in a chaotic Sacramento City Council meeting. Law enforcement officials ordered Natura to close on Oct. 2, a farm located on Elder Creek Road near Power Inn Road, citing fire code violations that make the Morrison Creek district buildings unsafe for its 450 employees. Nautra now must work with the city to bring its 22… Read more.

Women of Influence: Emily Paxhia

October 9, 2023 · Cannabis Now

Poseidon Investment Management is a leading cannabis venture capital firm co-founded by managing partner Emily Paxhia with her brother, Morgan. Paxhia has spent nearly a decade reviewing thousands of cannabis companies and is active in the investment decision-making and oversight processes. She collaborates with her partners to create deal structures, ensuring that proper governance is carried out at the company level.  “I work with my colleagues to draw more women into leadership in cannabis,” she says. “More than half of… Read more.

Marijuana Companies And Investors Make Grab For Arizona’s Social Equity Licenses Ahead Of Retail Launch Deadline

October 9, 2023 · marijuanamoment.net

As Arizona’s remaining social equity license holders scramble to open marijuana dispensaries before a looming October deadline, private investors and major cannabis corporations have continued to wrest control away from the individuals the program was designed to benefit. In at least four recent cases, AZCIR found, licensees wound up on the losing end of legal battles, ultimately cutting short their prospects of long-term profits in a budding industry. One social equity license holder signed an operating agreement that would put his business… Read more.

Missouri marijuana product recall hearing moved to December

October 7, 2023 · MJ Biz Daily

An administrative hearing to weigh the merits of a massive marijuana product recall in Missouri has been pushed to December. Missouri’s Administrative Hearing Commission was set to hear arguments from cannabis regulators and Delta Extraction, but a joint motion between the manufacturer and state attorneys extended the hearing to Dec. 1 at the earliest, the Missouri Independent reported. Missouri regulators suspended Delta Extraction’s marijuana business license on Aug. 2 and accused the company of sourcing materials from an unlicensed facility. Then, on Aug. 14, the… Read more.

Michigan Lawmakers Send Bills Allowing Marijuana Commerce With Tribal Businesses To Governor

October 7, 2023 · marijuanamoment.net

Bipartisan legislation that would allow Michigan’s state-licensed marijuana businesses to conduct trade with tribal cannabis entities located in the state won approval from the full House of Representatives this week. The bills, passed by the Senate in June, next proceed to Gov. Gretchen Whitmer (D). The pair of bills, SB 180 and SB 179, were reported out of the House Committee on Regulatory Reform on Tuesday and passed by the full chamber on Thursday. Though the two pieces of legislation… Read more.

Optimism Reigns Benzinga Cannabis Capital Conference

October 6, 2023 · MG Magazine

The mood was upbeat at the Benzinga Cannabis Capital Conference in Chicago as the industry’s power players converged on the Magnificent Mile Marriott Hotel for two days to reconnect and reflect on what felt like the lowest year legal cannabis has endured to date. The industry’s optimism initially sprung from the Department of Health and Human Services’ August 30 recommendation that the DEA reschedule cannabis, igniting some hope that our latest bear run is behind us. During the conference, the… Read more.

Hightimes, Adam Levin Settle with SEC Over Securities Fraud Scheme

October 4, 2023 · MG Magazine

Financially troubled Hightimes Holding Corporation, publisher of iconic High Times magazine, has agreed to pay the U.S. Securities and Exchange Commission (SEC) more than half a million dollars to settle charges the company “fraudulently promote securities” during and after a Regulation A stock offering that began in 2018. “From 2020 through 2021, Hightimes engaged in a scheme to deceive investors by paying undisclosed compensation for the purportedly independent recommendation from ‘Palm Beach Venture,’ an investment newsletter,” according to the SEC’s complaint. “Investors were given the… Read more.

Cannabis Funding Deals Hit Rough Patch in 2023

October 4, 2023 · Green Market Report

North American marijuana retailers and growers are leading the pack when it comes to raising capital over the past 12 months, but the industry as a whole has hit a very rough financial patch compared to a year ago. Capital raises overall are down 61.2% year-over-year. According to the Viridian Capital Advisors Deal Tracker, cannabis companies completed 177 capital fundraising deals for $2.58 billion in the past 12 months, which is down almost two-thirds from the same period in 2021-2022, when… Read more.

New Mexico Adult-Use Marijuana Sales Cross Half-Billion-Dollar Mark As Latest Monthly Sales Narrowly Miss Record

October 4, 2023 · marijuanamoment.net

New Mexico’s legal marijuana retailers sold more than $47 million of combined adult-use and medical marijuana products in September, according to new data from the New Mexico Regulation & Licensing Department (RLD). While that marks a slight decline from the state’s $48 million monthly sales record set in August, the state has now reached the benchmark of half a billion dollars of recreational marijuana products being purchased since sales launched in April of last year. Since then, sales of adult-use marijuana… Read more.

What’s Your Ideal Retail Tech Stack?

October 2, 2023 · MG Magazine

In the increasingly competitive retail sector, constructing the right dispensary tech stack is mission-critical. Your dispensary’s technical infrastructure, along with data management and use, can create a significant competitive advantage when carefully selected and strategically integrated. On the other hand, a haphazardly assembled tech stack without proper attention to integrating multiple systems can severely hamper operations, stemming the flow of revenue and needlessly limiting opportunities for growth. Unfortunately, there’s no such thing as “the best” setup. Identifying the optimal technology… Read more.

Canadian cannabis companies tap government funding programs

September 28, 2023 · MJ Biz Daily

More Canadian cannabis companies are tapping government funding sources to finance research and other projects as private-sector capital has become harder to come by. MJBizDaily found that more than 3 million Canadian dollars ($2.2 million) worth of federal funding was provided to almost two dozen companies over the past year, according to the government’s Grants and Contributions portal. Since 2018, the year Canada legalized recreational marijuana, roughly CA$32.8 million worth of funding has been provided to dozens of cannabis businesses by… Read more.

Women of Influence: Susie Plascencia

September 27, 2023 · Cannabis Now

A multi-hyphenate talent, Susie Plascencia’s skills as an entrepreneur-storyteller-advocate make her well-equipped in her role as Brand Partner for Humo, California’s Mexican American-owned cannabis brand, which describes itself as “raza owned,” stemming from the phrase la raza (meaning “the people”) and its roots in post-revolution Mexican history. “Being a woman in the cannabis industry means overcoming numerous stereotypes on a daily basis and doing so with grace and tenacity,” she says. Additionally, Plascencia is co-founder of MOTA Glass, a Los… Read more.

Trulieve Kickback Allegations Highlight Systemic Problems in Arizona

September 26, 2023 · Green Market Report

Trips to the Bahamas. Rolex watches. Expensive cars. Exclusive concert tickets. Or literally just bags of cash. Those are all ways used by independent marijuana brands in Arizona to buy their way onto dispensary shelves, according to several industry insiders, responding to the news that multistate operator Trulieve Cannabis Corp. – which runs 21 dispensaries in the state – filed a lawsuit against former employees alleging a “commercial bribery” scheme. “Those are all the same concepts. It’s all just paying for shelf… Read more.

Wholesale cannabis prices rise in key states, but downward pressure expected

September 25, 2023 · MJ Biz Daily

Wholesale cannabis prices stabilized or rebounded in some key markets through the summer, but cultivators should brace for renewed downward pressure as the fall harvest boosts inventories through the end of the year, experts say. Chalk it up to simple supply-and-demand dynamics. “Over the course of this month, you start to see a huge buildup of inventory across the industry,” Ben Burstein, strategist at New York-based wholesale cannabis platform LeafLink, told MJBizDaily in an interview. “You start to get huge surpluses of… Read more.

Creditors Foreclose on Assets of SNDL’s Parallel

September 25, 2023 · Green Market Report

After the market closed on Friday, SNDL Inc. (NASDAQ: SNDL) told investors that it finally took steps regarding its SunStream joint venture and its underperforming Parallel cannabis assets. The company’s joint venture Sunstream Bancorp launched SunStream USA with the expectation that Parallel will be restructured. In March 2021, Sundial Growers Inc., now known as SNDL, formed SunStream Bancorp, a 50/50 joint venture with SAF Opportunities LP, a member of the SAF Group. SunStream Bancorp is the owner of $145 million of junior notes owned by Parallel that… Read more.

Widespread product recall upends Missouri’s cannabis industry

September 24, 2023 · MJ Biz Daily

A widespread recall targeting tens of thousands of infused cannabis products in Missouri has led to millions of dollars in lost sales and inventory for retailers and manufacturers, according to industry sources and court documents obtained by MJBizDaily. At the same time, scores of operators caught up in the fallout have few options to recoup those losses. Some retailers, such as Kansas City-based multistate operator Greenlight, have locked up thousands of vape pens and other products in vaults after Missouri regulators… Read more.

Oklahoma Crackdown Shuts Down Five Medical Cannabis Businesses for Alleged Diversion

September 21, 2023 · Ganjapreneur

A crackdown by authorities in Kay County, Oklahoma led to the confiscation of 4,800 pounds of cannabis and five businesses shut down, KOCO reports. The operation was led by the Oklahoma Medical Marijuana Authority (OMMA) and was prompted by both routine inspections of licensed medical cannabis businesses and civilian complaints.    Mel Woodrow, chief of enforcement and compliance at OMMA, told KOCO that the action was the first time the agency had conducted such an operation.   The crackdown comes as Oklahoma officials try to reign… Read more.

London-Based Psychedelic Startup Incubator Raises $3.3M in Seed Funding

September 20, 2023 · Ganjapreneur

London, England-based psychedelics startup incubator Beckley Waves has raised $3.3 million in seed funding, Axios reports. The firm backs startups focused on therapies, education, and software.  Investors in the raise include the Joe and Sandy Samberg Foundation, Satori Neuro, Evolve Ventures and Foundation, Bridge Builders Collaborative, 1440 Foundation, Austin Hearst, and Asia Agnelli.  Daniel Love, a partner at Beckley, told Axios the company plans to use the funds to launch two companies and “make a handful of strategic investments.” Love added that… Read more.

Square Enters Cannabis Space in Canada

September 20, 2023 · Green Market Report

E-commerce technology company Squarespace Inc. (NYSE: SQSP) announced a partnership with dispensary tech company Jane Technologies to offer its products to cannabis businesses in Canada. “At Square, we’re always looking to solve sellers’ pain points and we know cannabis dispensaries have limited options when it comes to reliable and integrated commerce tools,” said Roshan Jhunja, Head of Retail at Square. “Sellers are looking for an easy-to-use, fully integrated omnichannel solution to help them run their businesses in person and online. We’ve been fortunate to… Read more.

Women of Influence: Angela Pih Is Walking the Walk

September 19, 2023 · Cannabis Now

One of Angela Pih’s favorite aspects of the cannabis industry is its velocity. What she’s referring to is the “incredibly exciting” speed of bringing new products to market within months. With extensive experience across retail, consumer packaged goods and cannabis, Pih is head of marketing for StateHouse Holdings, a vertically integrated California-based cannabis enterprise. From the moment she engages you in conversation, it’s quite evident the woman knows what she’s talking about. One industry trajectory Pih isn’t a fan of is the… Read more.

Canadian cannabis producer Canopy Growth raising $25 million

September 19, 2023 · MJ Biz Daily

Canadian cannabis producer Canopy Growth Corp. entered into subscription agreements with institutional investors in a private placement offering for gross proceeds of approximately $25 million (33.8 million Canadian dollars). The offering of roughly 22.9 million units occurred at a price per unit of $1.09, an approximately 22% discount from Friday’s close, according to a Monday news release. Smiths Falls, Ontario-based Canopy said the investors hold an over-allotment option allowing them to acquire up to about 22.9 more units. The gross proceeds from… Read more.

Columbia Care Changes Name to The Cannabist Company

September 19, 2023 · Green Market Report

Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) is changing its legal name to The Cannabist Company Holdings Inc. as it aligns more closely with its retail store name. The company is rebranding to The Cannabist Company and is also changing its trading symbols on the CBOE Canada to “CBST” and “CBST.WT”, respectively, for the common shares and warrants. “The rebrand to The Cannabist Company marks an incredibly pivotal moment for us as an organization and speaks to where we are heading. When we launched Cannabist, we wanted… Read more.

Montana’s Legal Marijuana Sales Hit Record $28.7 Million in August

September 18, 2023 · marijuanamoment.net

Purchases of adult-use cannabis in Montana hit a monthly record in August, according to newly released sales numbers from the state’s Cannabis Control Division. Medical marijuana receipts for the month, meanwhile, were at their lowest since adult-use stores opened in January 2022. Adult-use marijuana sales tallied $23,728,009 in August, the Department of Revenue report shows. Medical cannabis added $4,969,303, for a monthly total of nearly $28.7 million—the highest monthly haul ever recorded for the state’s marijuana industry. All told, state-licensed… Read more.

Maryland’s Adult-Use Cannabis Rollout Heralded as Model Success

September 15, 2023 · Cannabis Now

Unlike the myriad of challenges operators in New York face, new applicants in Maryland are stepping into a distinctively encouraging environment as the state gears up to expand its already-successful adult-use market. The state is set to open its first application round for adult-use marijuana licenses on Nov. 13, which is earmarked exclusively for social equity businesses. The upcoming 30-day application window will usher in opportunities for 179 new marijuana licensees, including: 75 dispensaries 16 growers 32 processors The new licenses will… Read more.

Debt Financing Is on the Rise

September 13, 2023 · MG Magazine

With cannabis stock prices stalling and sliding over the past few years, companies increasingly have turned to debt financing as a means of raising funds. Last year, debt made up more than 90 percent of capital raised by American cultivation and retail companies and 55.7 percent of capital raised in the United States industry overall, according to data collected by strategic advisory firm Viridian Capital Advisors. In October 2022, multistate operator (MSO) TerrAscend Corp. secured a $45.5-million loan from real estate… Read more.

Hotel Deliveries, Direct to Consumer Sales, Music Festivals – Maine Goes All in on Weed with New Consumer-Friendly Regulations

September 12, 2023 · Cannabis.net

The Maine regulatory body overseeing the adult-use cannabis market is introducing new regulations to improve consumer accessibility. These modifications, driven by recent record-breaking sales, are primarily influenced by two legislative bills passed this year. One of these bills seeks to diminish the stigma surrounding cannabis. At the same time, the other aims to rectify an omission in a previous year's bill, which permitted cannabis sales at events like concerts and festivals. Maine, the way life should be, is the state slogan,… Read more.

Can Tilray successfully synergize its cannabis, alcohol businesses?

September 11, 2023 ·

With its right hand, Tilray Brands has consolidated a swath of the Canadian cannabis market, most recently buying Hexo Corp. in its quest to grow market share. With its left hand, Tilray has gone on a beverage alcohol acquisition bender in the United States. After several alcohol acquisitions that turned Tilray into one of the largest U.S. craft brewers, the company recently announced an $85 million deal to acquire eight craft beer brands from brewing behemoth Anheuser-Busch InBev. As the dust settles on Tilray’s latest… Read more.

Canadian Takeover of High Times Puts Company in the Hands of Discredited CEO

September 10, 2023 · CelebStoner

High Times has been sold to Victoria, BC-based psychedelics firm Lucy Scientific Discovery (for LSD) headed by disgraced Hollywood executive Richard Nanula. The news leaked out yesterday with a press release sent to a handful of media sources: Lucy Scientific Discovery Inc. (“Lucy” or “the Company”) (NASDAQ: LSDI), a leading psychotropic innovator announces the acquisition of the intellectual property (IP) of High Times, the most recognizable and iconic brand in the cannabis industry. This acquisition provides a stream of high-margin licensing and… Read more.

Border sales a boost for most marijuana retailers across US

September 7, 2023 · MJ Biz Daily

Marijuana sales along state lines are key revenue generators for retail operators in the United States, and new insights suggest a similar business bump along international borders, particularly Mexico. Data compiled by New York-based wholesale technology platform LeafLink – as well as information gathered from state agencies, quarterly reports and interviews with several cannabis companies – bear that out. LeafLink analyzed hundreds of ZIP codes at the request of MJBizDaily and found strong links that when new recreational markets open, retailers near… Read more.

Prohibitionist Group Narcs On Wells Fargo And Maryland Officials Over Accounting Of Marijuana Tax Revenue

September 6, 2023 · marijuanamoment.net

An anti-marijuana advocacy group is taking aim at a banking arrangement between Wells Fargo and the state of Maryland that allows officials to receive and process tax revenue generated by state-legal cannabis businesses, calling the scheme “an active effort to protect the banks who are breaking federal law” and making an attempt to alert federal officials about it. The state, for its part, has said it “complies with applicable laws and regulations.” Smart Approaches to Marijuana (SAM), which opposes marijuana… Read more.

Why Rescheduling Would Be More Than Just a Tax Break for Cannabis

September 5, 2023 · Green Market Report

Now that the Department of Health and Human Services recommended moving cannabis to schedule 3, the industry is asking what impact a potential reclassification would have on the financial futures of U.S. cannabis companies. The removal of the tax burden from section 280E of the IRS tax code is expected to be one of the biggest changes. But how big would that effect be? Mike Regan, director of research at Excelsior Equities, recently spoke with Green Market Report to break down the math. “Consensus estimates expect about… Read more.

Australia, Israel top destinations of Canadian medical cannabis exports

September 5, 2023 · MJ Biz Daily

Australia and Israel were the top markets for Canada’s medical cannabis exporters last year, as the quantity of flower shipped overseas continued to surge, according to new figures shared by Health Canada with MJBizDaily. In the April 2022-March 2023 fiscal year, Canada’s exports of medical marijuana flower were 59,986 kilograms (roughly 132,200 pounds), a 48% increase over the previous year’s 40,640 kilograms. The vast majority of exports, however, went to only three countries, meaning exporters risk being dependent on a very… Read more.

‘The Queen Of Legal Weed’ Has Spoken

September 3, 2023 · Cannabis Now

Few female entrepreneurs have enjoyed the kind of widespread accolades and recognition in the cannabis industry as Nancy Whiteman. Often called “The Queen of Legal Weed,” Whiteman is founder of the Wana Brands Foundation and CEO and co-founder of Wana Brands, North America’s leading cannabis edibles brand available in 15 states and throughout Canada.  Whiteman says Wana Brands’ mission is to create efficacious products that deliver customized experiences for health and wellness or recreational effects. The company places a strong… Read more.

Opinion: Cannabis businesses could recoup millions on exit, thanks to ‘280E asset’

September 2, 2023 · MJ Biz Daily

A combination of tax methods could help cannabis companies reduce their tax burden under Section 280E of the federal tax code. If recent case law is applied equitably, the cannabis industry could be sitting on millions of dollars in unclaimed federal tax refunds. The first, a method I call “the 280E asset,” is supported by very old case law and a recent federal claims court decision that barred the practice of deductions being recognized as basis. Basis refers to a business owner’s… Read more.

Oklahoma Bureau of Narcotics Has Shut Down 800+ Illegal Cannabis Farms Over Last Two Years

September 1, 2023 · Ganjapreneur

Over the last two years, the Oklahoma Bureau of Narcotics (OBN) has shut down more than 800 unlawful cannabis farms operating under the guise of the state’s medical cannabis law, KFOR reports. The crackdowns have led to more than 200 arrests and the seizure of nearly 7,000 pounds of cannabis.  Mark Woodward, spokesman for OBN, told KFOR that the agency’s enforcement actions are focused on “out-of-state” illegal operations that allegedly have ties to international crime networks, including groups from Russia, Bulgaria, Armenia, and Serbia.… Read more.

How Does the Tax Revenue from Marijuana Sales Help Your Community? Schools, Road Repair, Treatment Centers and More!

August 31, 2023 ·

Where do marijuana taxes actually go? Taking a deep dive into Colorado, a state that has had legal cannabis sales for over a decade, may open a window on how cannabis taxes are helping millions of people in the community. Starting from 2012, following the passage of Amendment 64 by Colorado voters, which marked the pioneering legalization of adult-use, recreational marijuana sales in the United States, the state has achieved an impressive milestone by exceeding $10 billion in cumulative sales. This accomplishment… Read more.

Alabama Cannabis Regulators Plan to ‘Start Back at Square One’ in Licensing Process

August 31, 2023 · Ganjapreneur

The Alabama Medical Cannabis Commission (AMCC) intends to “start back at square one” in the medical cannabis licensing process, the agency told a judge on Monday, according to the Alabama Political Reporter. The comments came during a hearing in court where the agency was defending a lawsuit claiming it had violated the state’s Open Meetings Act.   During the hearing, the AMCC and plaintiffs in the case agreed to extend a temporary restraining order prohibiting the commission from moving forward with its licensure process… Read more.

Arizona Marijuana Business Sues Over ‘Unlawful’ License Transfer As State’s Social Equity Program Comes Under Scrutiny

August 31, 2023 · marijuanamoment.net

When Arizona set out to legalize marijuana, backers emphasized their intent to make the program equitable and ensure that those who had been most hurt by cannabis criminalization were given priority in the new marketplace. Now, a new lawsuit is raising questions about whether the state is adequately meeting those equity goals. Of 26 business licenses that the Arizona Department of Health Services (AZDHS) awarded last year to social equity applicants, nearly all are now owned by other companies or… Read more.

Judge orders former Wrigley-connected medical marijuana company dissolved

August 29, 2023 · MJ Biz Daily

A Pennsylvania judge has ordered the dissolution of a heavily indebted, state-licensed medical marijuana company that was once part of former chewing-gum magnate William “Beau” Wrigley Jr.’s fledgling cannabis empire. Allegheny County Court of Common Pleas Judge Christine Ward issued the dissolution of Goodblend Pennsylvania on Aug. 21, according to Green Market Report. The judge’s order, first reported by Law360, is the latest marijuana-sector setback for Wrigley and his former company. Wrigley took over as the CEO of Florida-based cannabis company Surterra Wellness in 2018. Rebranded… Read more.

Women of Influence: Kim Rivers

August 28, 2023 · Cannabis Now

Arguably the most important woman in the cannabis industry, holding the position of chief executive officer at Florida-based cannabis behemoth Trulieve Cannabis Corp., a nationwide multi-state operator currently valued at $1.14B, Kim Rivers joined Trulieve at its inception and has since played a pivotal role in advancing the company’s customer-centric strategy, strong growth, strategic development and market-beating profitability.  To assure quality, operational integrity and financial success, Rivers insists on supervising every step of the cannabis production process, from seed to… Read more.

S&P discontinues Canadian, international cannabis stock indices

August 28, 2023 · MJ Biz Daily

Two indices tracking the performance of cannabis businesses on North America’s largest stock exchanges have been discontinued amid waning investor interest in marijuana stocks and billions in losses suffered by the companies. The S&P/TSX Canada Cannabis Index was decommissioned with little fanfare earlier this year after being launched on Jan. 20, 2020, a spokesperson for S&P Dow Jones Indices confirmed in an email to MJBizDaily. A second cannabis index, the S&P/MX International Cannabis Index, was decommissioned in November 2021. The S&P/TSX Canada Cannabis… Read more.

The Crux of the Cannabis Industry, Record Sales But No Profits – Michigan Sees Same Results as Other States

August 26, 2023 ·

According to the most recent monthly data from the Michigan Cannabis Regulatory Agency, cannabis sales in Michigan set an all-time high in July, totaling $276 million. The majority of these sales were ascribed to the adult-use cannabis industry. Despite this increase in sales, local cannabis firms are having difficulty turning a profit. The state is anticipated to achieve a historic milestone, surpassing $3 billion in revenue for the first time in 2023. This achievement underscores the significance of Michigan's cannabis industry, positioning… Read more.

New Jersey Cannabis Industry in ‘Doom Loop,’ Trade Group Says

August 26, 2023 · Green Market Report

Red tape, illicit market competition, and a lack of enforcement by regulators have all created a “doom loop” for licensed cannabis companies in New Jersey, one of the state’s leading trade organizations claimed in a recent report. According to the New Jersey Cannabis Trade Association, the state has been too slow to act on processing new business permits and dragged its feet on combatting the illicit market, The Philadelphia Inquirer reported, which has the trade group warning that business conditions need to… Read more.

Black Girl Magic Aims High

August 26, 2023 · Cannabis Now

Josephine & Billie’s is the first dispensary in South Los Angeles focused on being made-for-and-run by women of color. The store is named in honor of entertainment legends Josephine Baker and Billie Holiday, two outspoken Black cannabis enthusiasts in the early 20th century. Baker and Holiday were ostracized for their use of cannabis and became unintentional advocates before their time. The celebrated performers used their respective talents to bend the rules and open the door for future rule-defying women. Whitney… Read more.

Michigan marijuana regulators take too long to process complaints, audit shows

August 25, 2023 · MJ Biz Daily

Michigan’s marijuana regulatory body is taking too long to crack down on businesses that have violated state regulations, according to a state audit. The state’s Office of the Auditor General said in the report that the Michigan Cannabis Regulatory Agency (CRA) takes up to two years to enact disciplinary action and needs to speed up its processes, according to The Detroit News. “Timely action helps CRA mitigate potential risks to Michigan’s cannabis consumers and reduce future licensee violations,” the report contends. The CRA told… Read more.

High Times Names 5th CEO in 5 Years

August 25, 2023 · Green Market Report

Despite a looming deadline with its lender ExWorks, High Times named Shaun Jarvis as interim chief executive officer. The financially troubled cannabis media company saw the departure of CEO Paul Henderson, who was also the interim chief financial officer and a director of Hightimes Holding Corp. on August 15. In his resignation letter, Henderson said he left his position for health reasons. Jarvis’s tenure may be short, however. High Times was given until Sept. 30 to come up with the money to satisfy its… Read more.

Maryland Is ‘Craftily’ Coding Marijuana Tax Revenue In Obscure Terms To ‘Protect’ Wells Fargo, State Official Says

August 24, 2023 · marijuanamoment.net

A Maryland tax official says the state has found an unusual workaround with Wells Fargo in order to avoid clearly identifying marijuana tax revenue on financial forms, yet another example of the creative workarounds being used by cannabis businesses and regulators amid ongoing federal prohibition. “This was a heavy lift and something we had to do,” Rob Scheerer, director of the Maryland Office of the Comptroller’s Revenue Administration Division, reportedly said at a Maryland Association of Counties conference last week.… Read more.

Allowing Interstate Cannabis Commerce Would Not Risk Federal Enforcement, Local Government Groups Tell California AG

August 24, 2023 · marijuanamoment.net

The California attorney general’s office has been soliciting input from local government and cannabis industry groups as it works to finalize an opinion on the potential legal risks of authorizing interstate marijuana commerce under ongoing federal prohibition, documents obtained by Marijuana Moment show. At least three organizations representing local governments have so far answered the attorney general’s call, saying that they do not expect California would be at “significant risk” of facing federal enforcement action if officials were to authorize… Read more.

4 Things You Can Do to Move Your Business Forward Right Now

August 23, 2023 · MG Magazine

We’re about a year into what is undoubtedly the most challenging stretch the cannabis industry has faced since the legalization movement began. The initial hype surrounding the industry’s potential as the next great American boom has slid back to a harsh reality. The combination of local government blunders and federal government inaction, crippling levels of taxation, and an illicit market that largely operates with impunity has mired legal operators with challenges. As a result, businesses are operating in a drastically different climate from the one… Read more.

California cities, counties cut marijuana taxes to aid struggling companies

August 22, 2023 · MJ Biz Daily

An increasing number of county and local elected officials across California are acknowledging a longtime cannabis industry grievance – legal companies’ taxes are too high – and cutting local levies on retail sales, business operations or both. At least 14 cities and counties in the state – including key consumer markets such as Los Angeles and San Francisco as well as less-populated, production-focused areas like Calaveras and Humboldt counties – have reduced or eliminated local sales, business or cultivation taxes… Read more.

Cannabis Tax Revenues Outpace Other ‘Sin’ Taxes in Colorado

August 22, 2023 · Ganjapreneur

Cannabis tax revenues in Colorado are outpacing those of cigarettes, and other tobacco and nicotine products, and alcohol, according to an August 16 analysis from the Colorado Legislative Council Staff (LCS). In the 2022-2023 fiscal year, Colorado collected $282.3 million in cannabis tax revenue, compared to $233.9 million from cigarettes, $60.5 million from tobacco products, $56.4 million from nicotine products, and $56.1 million from alcohol.  Adult-use cannabis sales in the state carry a 15% excise tax, 15% special sales tax, and 2.9% general sales… Read more.

Wall Street Loses Its Cannabis Buzz

August 22, 2023 · Green Market Report

Before the COVID-19 pandemic, Wall Street was salivating at the cannabis industry. Seemingly every cannabis company was going public, whether it should or not. Investment bankers were happily signing big checks and crowing about the green rush. The requisite puns were consistently bad whether it was an industry “growing like a weed” or “pot stocks are lit.” Now, however, it seems cannabis has lost its buzz for Wall Street. Major Wall Street firms cut equity analysts, and banking dollars dried… Read more.

Canadian cannabis firms increasingly flag rivals over alleged misdeeds

August 21, 2023 · MJ Biz Daily

More Canadian cannabis operators than ever are lodging complaints against rival businesses over alleged transgressions or other concerns, a phenomenon being driven by intense competition and desperate companies looking for any edge they can get, according to experts. Last year, there were 706 such complaints from regulated cannabis businesses about other regulated operators, Canada’s federal cannabis regulator told MJBizDaily. That’s a substantial increase from 2021, when 214 complaints were filed, and 2020, in which there were 182 complaints, according to the… Read more.

Tilray Buys Out Truss Beverage Co. from Molson Coors Canada

August 18, 2023 · Green Market Report

Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) is buying the remaining 57.5% of shares in THC-infused drink line Truss Beverage Co. from Molson Coors Canada, the company said Friday. In a statement, Blair MacNeil, President of Tilray Canada, expressed excitement for the move. “In addition to acquiring full and direct ownership of a stable of high-growth brands, this acquisition further strengthens Tilray’s No. 1 cannabis market share position in Canada and positions the company at the forefront of the adult-use beverage sector,” MacNeil… Read more.

Census Bureau Begins Collecting Data About Marijuana Business Economic Activity As Market Enters Mainstream

August 17, 2023 · marijuanamoment.net

The U.S. Census Bureau is updating its survey of American companies to better capture marijuana-related economic activity, part of an effort to “keep up with the nation’s ever-changing business landscape.” For the first time, the 2022 Economic Census—which is being conducted right now and asks businesses about their activities from last year—includes options for respondents to identify themselves as part of the cannabis economy. “While there are no specific questions about cannabis in the 2022 Economic Census,” the bureau said on its… Read more.

More cash, more headaches for marijuana retailers after Mastercard ban

August 17, 2023 · MJ Biz Daily

Marijuana retailers across the United States are adjusting to handling and securing more cash in-store after Mastercard’s abrupt decision last month to halt millions of dollars in cannabis purchases involving its popular debit card. Operators are also bracing for the possibility that global financial giant Visa will follow suit while facing growing threats their increasingly cash-heavy operations will become even more attractive to criminals. Some marijuana retailers are zeroing in on improving in-store communication with customers and the overall shopping experience in… Read more.

Perfect to a Tee

August 16, 2023 · Cannabis Now

Historically speaking, the golf course has been a place for men. After all, it’s an easy excuse for leaving a chaotic household or the office for half the day. Not many sports provide four hours of uninterrupted play where one can develop close connections with friends and business colle